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Shiba Inu (SHIB) Skyrockets 15% in Epic Market Rebound; What Comes Next

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Sat, 6/07/2024 - 10:47
Shiba Inu (SHIB) Skyrockets 15% in Epic Market Rebound; What Comes Next
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Shiba Inu (SHIB), the dog-inspired cryptocurrency, has experienced a remarkable 24-hour surge, skyrocketing by 15% in a significant market comeback. This sharp rebound has caught the attention of the crypto community, sparking curiosity about what might come next for SHIB.

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After hitting support at lows of $0.0000127 in Friday's trading session, Shiba Inu sharply rebounded, reversing the prior negative trend. The rebound sustained till press time, with SHIB up 15.27% in the last 24 hours to $0.00001538.

The overall sentiment in the cryptocurrency market suddenly improved, contributing to the positive movement of various digital assets, including SHIB. Large holders, often referred to as "whales," have shown increased activity, triggering a 197% inflow surge for SHIB, according to IntoTheBlock data, and driving up its price.

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The Shiba Inu community remains highly active and engaged, continuously supporting the token. Shytoshi Kusama, the pseudonymous Shiba Inu project lead, made his first public appearance at the IVS conference in Kyoto. Photos and videos of Kusama captured by the SHIB community soon spread on social media.

Kusama visited the Shiba Inu booth and mingled with the Shiba Inu community and other crypto fans, but did not reveal his identity. The enigmatic Shiba Inu lead wore a black haori samurai costume and a Batman-style mask. This enthusiasm in the Shiba Inu community might have also spurred renewed interest in SHIB.

What comes next for Shiba Inu?

As Shiba Inu makes a rebound, the market is closely watching SHIB charts for key levels that might depict the next price movement.

However, for SHIB to maintain its upward trajectory, the broader cryptocurrency market needs to continue its positive momentum. A stable or bullish market environment will be crucial for SHIB's sustained growth.

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If the SHIB price sustains its current rebound, it will confront its next big hurdle between $0.000015 and $0.000019, where 433.96 trillion SHIB are being held by 83,560 addresses, according to IntoTheBlock data. If SHIB prices fall, the $0.000014 level is being watched as intermediate support.

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